Barclays ISA transfer in

edited 22 April 2015 at 6:37PM in ISAs & Tax-free Savings
22 replies 2.2K views
evenasusevenasus Forumite
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edited 22 April 2015 at 6:37PM in ISAs & Tax-free Savings
I've opened a Barclays 2 year fixed ISA today with £0.
I started the online transfer procedure but when I got to the 'Will you lose money' or words to that effect I stopped.

I want to transfer a 1st May maturing Santander ISA but obviously don't want to lose interest.

Does anyone have experience of this transfer process and whether after saying Yes (I would lose money) there is an option to tell Barclays to not transfer until the Santander ISA maturity date?
The time for saving for a house deposit, is before you marry/live together/have children.
Save for what you want to buy
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Replies

  • KGriffKGriff Forumite
    185 Posts
    Yes, the warning from Barclays is a standard thing, whereby it is highlighting to you that if you transfer your existing ISA, before maturity then you may have to pay a penalty as stated in your existing ISA terms and conditions. The form will ask if you wish to transfer now (usually within 15 days of receiving the transfer form) or if you wish to specify a transfer date (i.e. Sometime after the maturity date) to transfer your existing ISA to the new one.

    It's not complicated, think of it as being similar to transferring your fixed price 'gas and electric' supply, before the existing providers fixed term is over and the terms say there is an exit fee of £30 if you leave before the contract has finished.

    Look closely at the terms of your old ISA and choose a date to insert into the Barclays transfer form that suits your requirements.

    Hope that helps.
  • edited 22 April 2015 at 6:55PM
    evenasusevenasus Forumite
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    edited 22 April 2015 at 6:55PM
    Yes, I know all about the penalty for transferring before the maturity date.
    I wasn't sure what would follow after me choosing the 'yes' to I would lose money.
    I wanted to make sure there was an option to choose a date for transfer.

    You say though, that I will get the option to delay transfer.

    Oh I hate this ISA time of year.
    The time for saving for a house deposit, is before you marry/live together/have children.
    Save for what you want to buy
    .

    You're - You are
    Your - It's yours.
  • KGriffKGriff Forumite
    185 Posts
    Normally on a transfer form there is an option to begin transfer now or begin transfer on a date specified. If you are unsure then submit the form to be received on (or a day or so before) the 1st of May. This is providing there are no terms and conditions under your new isa that prevents the transfer going through in such circumstances. (i.e. A closing date for deposits)

    Just as an example I sent a Leeds Building Society transfer form to them on the 8th April, asking to immediately transfer my existing Barclays cash isa to them.

    Leeds BS acknowledged receipt of the form on the 13th April, but didn't begin the transfer process until the 20th (busy time of year I guess) and it's now the 23rd April and the ISA has not yet transferred.. I understand Barclays have 15 days from receipt of the form to make the transfer.

    So these things can often take a while as you probably know.

    If the Barclays transfer form doesn't allow you to set a date for the transfer process to begin, then simply delay its submission.
  • evenasusevenasus Forumite
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    KGriff wrote: »
    So these things can often take a while as you probably know.

    They can also be very quick.
    I think I'll hold off submitting the online transfer until 1st May when my ISA matures.
    evenasus wrote: »
    My E-ISA took only three working days to transfer.
    The time for saving for a house deposit, is before you marry/live together/have children.
    Save for what you want to buy
    .

    You're - You are
    Your - It's yours.
  • badger09badger09 Forumite
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    KGriff

    What you say about transfer forms is of course correct.

    However, the point I think you have missed is that OP's is an online transfer and the screen she is presented with asks about 'losing money', presumably referring to early closure penalties.

    evanasus

    I don't have any accounts with Barclays (one of the few missing from my collection :p) so I can't test it, but would imagine that at the next stage you would be given the opportunity to enter the earliest transfer date and specify how much you want to transfer.

    You could always use Live Chat to ask - then you'd have a record of what Barclays tell you.

    Or you could just wait until 1st May :cool:
  • edited 23 April 2015 at 1:59PM
    KGriffKGriff Forumite
    185 Posts
    edited 23 April 2015 at 1:59PM
    badger09 wrote: »
    KGriff

    What you say about transfer forms is of course correct.

    However, the point I think you have missed is that OP's is an online transfer and the screen she is presented with asks about 'losing money', presumably referring to early closure penalties.

    evanasus

    I don't have any accounts with Barclays (one of the few missing from my collection :p) so I can't test it, but would imagine that at the next stage you would be given the opportunity to enter the earliest transfer date and specify how much you want to transfer.

    You could always use Live Chat to ask - then you'd have a record of what Barclays tell you.

    Or you could just wait until 1st May :cool:

    Badger09,

    Can you kindly help me out here please. Both my wife and I have had cash ISA's over the years in Barclays, Santander, Nationwide, a few others institutions who's names I can't recall and more recently Leeds BS.

    Each time, when I have transferred my ISA's between providers I have done this on the NEW providers website using their transfer form. I have never been into any branches of these financial institutions (except Barclays but that was for another reason).

    Most online transfer forms, have been a series of form fields, which upon completion result in generating a PDF document (or asp page) and I then print, sign and date the transfer and post it off to my new provider and await the transfer.

    In the recent Leeds BS case, my identity was verified online, but they still insisted on a signed & dated 'application to open an ISA' document and signed/dated transfer form.

    Often I have done this on or about the 6th April most years since ISA's began. I have never come across a transfer form where I have not been required to sign and date it.

    So have I just been unlucky with the institutions I have selected that require a signature on the transfer form? ... The reason I ask is I have seen many posts on the forum saying that they have done this procedure totally online without any signature.

    Perhaps I have just been unlucky. Plus I have always found it can take a couple of weeks to transfer (maybe because it's the busy April period), though it seems to be getting faster.
  • KGriffKGriff Forumite
    185 Posts
    In fact I have just put the words 'isa transfer form' in my search engine and there are lists of PDF documents from numerous financial institutions and on opening a few others (at random) ... They all require a signature ?
  • edited 23 April 2015 at 2:00PM
    evenasusevenasus Forumite
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    edited 23 April 2015 at 2:00PM
    badger09 wrote: »
    KGriff

    What you say about transfer forms is of course correct.

    However, the point I think you have missed is that OP's is an online transfer and the screen she is presented with asks about 'losing money', presumably referring to early closure penalties.

    evanasus

    I don't have any accounts with Barclays (one of the few missing from my collection :p) so I can't test it, but would imagine that at the next stage you would be given the opportunity to enter the earliest transfer date and specify how much you want to transfer.

    You could always use Live Chat to ask - then you'd have a record of what Barclays tell you.

    Or you could just wait until 1st May :cool:

    I tried the Live Chat yesterday - not much use.
    Then I tried a representative on Twitter (only tweet to things like this) who wasn't sure but gave me a number to ring this morning.

    I rang a while ago and spoke to someone in the UK, (phew) who knew what they were doing.
    They arranged the details of the transfer over the phone and told me they would make sure it wasn't transferred until after the maturity date.

    All being well it should be sorted. (insert crossed fingers smiley)

    Slight concern - I'm over the £85K with Barclays now, until next year when my other Barclays 2 year ISA matures.
    The time for saving for a house deposit, is before you marry/live together/have children.
    Save for what you want to buy
    .

    You're - You are
    Your - It's yours.
  • evenasusevenasus Forumite
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    KGriff wrote: »
    Perhaps I have just been unlucky. Plus I have always found it can take a couple of weeks to transfer (maybe because it's the busy April period), though it seems to be getting faster.

    I've taken out ISAs every year since the TESSA days and encountered both online and paper applications.
    I don't think I've had to sign any Barclays transfer forms and I've opened 4 ISAs with them.
    Santander transfer, I've always had to fill a paper form in.
    The time for saving for a house deposit, is before you marry/live together/have children.
    Save for what you want to buy
    .

    You're - You are
    Your - It's yours.
  • KGriffKGriff Forumite
    185 Posts
    evenasus wrote: »
    I've taken out ISAs every year since the TESSA days and encountered both online and paper applications.
    I don't think I've had to sign any Barclays transfer forms and I've opened 4 ISAs with them.
    Santander transfer, I've always had to fill a paper form in.

    Barclays do require a signature on the form unless you go into branch and produce an identity document or go through a series of security questions over the phone.

    If you do it using their online form it requires a signature and it is posted to:

    Freepost RTAJ-ASRR-YTTC
    ISA Transfers Team
    Barclays Bank PLC
    Leicester
    LE87 2BB

    Barclays stockbrokers also require a similar procedure .. The form for them is here:

    https://www.barclaysstockbrokers.co.uk/Accounts/Documents/isa-transfer-form-new-1.pdf

    I am still to find one without a signature required... Can someone kindly send me a link.
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